Description
Learn how to avoid hidden fees and control credit card processing costs.Nearly every merchant today must accept credit cards to run a successful business. That said, few merchants, if any, have ever been trained on how to open a merchant account. Since all merchant account agreements are a minimum of three years, making a mistake in this area of a merchant’s business will not only be costly, it will create unnecessary pain for the business owner. This topic will provide vital and enlightening information to help new merchants open a merchant account, and will help merchants who already have a merchant account and are thinking about switching suppliers, looking for ways to decrease costs and to protect themselves from credit card scams.
Date: 2020-10-28 Start Time: End Time:
Learning Objectives
Payment Processing 101 and Definitions
The Transaction Cycle
Why Merchants Should Accept Credit Cards
Tips on Opening a Merchant Account to Avoid Hidden or Costly Fees
• Hidden Costs of Payment Processing
• What to Watch for in Your Merchant Account Agreement
• Tech Support and Customer Service and Why They Are Important
What Solutions/Technology Should Your Business Consider to Control Processing Cost
• Dual Mode Credit Card Terminals
• EMV and Apple® Pay
• POS Systems
• Virtual Terminals; Wireless Terminals
• Smart Phone Solutions
• Lease vs. Purchase
Pricing and How Interchange Works
• Who Makes Money on Your Merchant Account?
• Factors That Drive Interchange Costs
• Components of Credit Card Processing Fees
• How to Determine Real Cost for Accepting Credit Cards
• Managing Processing Costs
• Interchange Plus vs. Tiered Pricing
• How and Why Downgrades Occur
• Best Practices in Downgrade Avoidance; Preventing Charge Backs
How to Reduce Risk and Fraud
• Tips on Card Present Transactions
• Tips on Card Not Present Transactions
• Additional Items to Consider
Becoming PCI Compliant
• What Is PCI; What’s Required
• Potential Fines; Real Case Study
Other Payment Solutions to Consider
• Gift and Loyalty Cards
• Check Programs
• Electronic Secure Invoicing
• Recur Pay; Advance Cash
Niles D. Crum-NDC Payment Solutions
